and that condoleezza rice is near or at the top of that list. >> i think her credentials far surpass barack obama and joe biden. >> jpmorgan chase's losses have almost tripled what was originally thought. >> the massive protests in downtown los angeles. at least one officer was injured. >> the u.s. olympic committee under fire because of the uniforms made in china. >> put them in a big pile and burn them. >> all that -- >> take a look at the terrifying crash in new jersey caught on camera. >> a look at the radar, we have showers starting to pick up. bear with me here. >> and all that matters. >> the honorable lady. >> when you start paying for the tickets, then you can criticize my tie, all right? >> on "cbs this morning." out. >> that would be cool. >> absolutely. >> come back when your hair grows out. [ laughter ] welcome to "cbs this morning." for weeks now, democrats have challenged mit challenged mitt romney's record as the ceo of bain capital.hat took the financial firm that took . over failing businesses. this morning, the romney camp iso thos responding to those attacks in some of the most bitter talks of the campaign so far. and we'll have more on that in just a moment.a but first, charlie rose sat with the down with the president and mrs. obama at the white house on thursday for a wide-ranging charlie interview, and charlie asked the president about his attack on pre romney's business record. >> do you believe his presidency because would be a disaster because this is a man who's been a successful business person.ess person does that disqualify him or make him appropriately a candidate for a political office? politic how do you take the measure of >> i his business experience? >> i do not think at all it disqualifies him. but i also think it's important if that's his main calling card if his basic premise is that i'mt o mr. fix-it on the economy beause i made a lot of money. >> but then what are you saying?me degree >> well, to some degree he saysis he that he understands the economy and the private sector. >> and they invested in better. businesses and made them better. >> so that's his premise.is entirely i think it is entirely appropriate to look at that record and see whether in fact his focus was creating jobs. and he successfully did that. and when you look at the recordhat h there are questions there that have to be asked. >> like what? >> well look you know, as i stione said, when some people questioned why i would challenge his bain record the point i made there in the past is if is, if y you're the head of a large private equity firm or hedge fund, your job is to make money. it's not to create jobs. it's not even to create successful business. make s it's to make sure that you're maximizing returns for your investor. now that's appropriate.ap that's part of the american way. that's part of the system. but that doesn't necessarily make you qualified to think about the economy as a whole y job because as president, my job is to think about the workers. my job is to think about communities, where jobs have been outsourced and so it is not that he is disqualified what h because of what he's done. it is if that's your main claim, so if he doesn't talk about the fact that he's been the governorachusetts fo of massachusetts for four years very much -- >> or ran the olympics. >> then i want us to make sure you that we know what your theory is about how to grow the economy. and that i and that is a question that i think most americans want to know as well. this is the nature of running for president. >> now both campaigns actually turned up the heat over romney and bain capital connections accusing each other of spreading lies. bill plante is at the white house with that part of the story this morning. >> reporter: good morning, and good morning to you out west. that's right. there's one issue so far that seems to effectively move the needle for president obama in this campaign and it's what bain capital did when mitt romney was in charge. it's the best weapon they have in their arsenal. so when a new twist on the story emerged on thursday, the obama campaign was all over it.xclusive in an exclusive interview with obama sa charlie rose thursday presidente obama said that romney's time atut his exp bain capital deserves further scrutiny. >> do you believe there's anything about his experience at bain that should be called into question? >> well, i think that when you y run for president, everything is called into question. when you're president, uest everything is called into now question. is >> reporter: and the question the obama campaign is now asking is whether romney remained in firm charge of bain capital while the firm invested in companies that sent jobs overseas after he had ake charge left in 1999 to take charge of the winter olympics. new reports show that romney and remained the sole owner and executi chief executive officer of bain through 2002.l with in a conference call with c reporters, deputy obama campaignger manager stephanie cutter all but called romney a liar.r >> either mitt romney through words his own words, and his own m signature, was misrepresenting his position at bain to the s wa s.e.c., which is a felony or he was misrepresenting his position at bain to the american people. >>a romney spokesperson hit back saying he had no input on investments or management of companies after he left in 1999 apolo and said that president obama ought to apologize for the out of control behavior of his staff which demeans the office he holds.ght >> romney bought companies, drowned them in debt.weeks, >> reporter: for weeks, the paign obama campaign and its supporters have been attacking issue, romney on this issue, spending dollars millions of dollars on ads in swing states where voters have have suf suffered from the outsourcing of jobs.working. an attack, they believe, is working. the romney campaign responded thur thursday with an ad of its own. >> the obama outsourcing ng attacks, misleading, unfair, and untrue. when a president doesn't tell the truth, how can we trust him to lead? >> reporter: the romney campaign has been fighting back. this morning they hit at the president's answer to charlie when he said that the biggest mistake of his first couple of years was not getting his story across. romney campaign people says it shows that he is out of touch with the struggles of the middle class. and they also put out a new ad this morning saying that -- holding the president, rather as a candidate in 2008 deploying scare tactics and saying that we expect more from a president. erica, lee? >> cbs news political director obviou john dickerson is with us now. so obviously, both sides are fired up. but at the end of the day, what marry matters is whether this bain capital line of attack resonates with voters. does it?stra >> well it remains to be seen. the president said in the an abstract he doesn't want to make it disqualifying. but whether or not it resonates with voters the president wants it to be a question of who looks who looks out for you, who's going to care going to for you. and romney wants to be who's romn oing to fix this thing. goin and so that's the question.that's and what the president is tryingnt to do is keep focussed on who cares about you and then r disqualify mitt romney on that >> o question. >> one of the other things that ey the romney campaign jumped on was what the president told t charlie yesterday when he asked e aske him essentially, did you learn anything? were there any mistakes from your first term that we can anything? learn going into a second term if you get one? let's listen to what he had to say. >> you know when i think about what we've done well and what we haven't done well the mistake of my first couple of years was thinking that this job was just ting about getting the policy right. and that's important. but the nature of this office is also to tell a story to the that american people that gives them a sense of unity and purpose and especially optimism, especially during tough times. it's funny. when i ran, everybody said, can well he can give a great speech, but can he actually manage the job?s, and then in my first two years, i think the notion was, well gling a you know, he's been juggling and of managing a lot of stuff, but you know, where's the story that tells us where he's going?s and i think that was a legitimate criticism. and so getting out of this town spending more time with the american people listening to bei them, and also then being in a conversation with them about where do we go together as a country. i need to do a better job of that in my second term.ng? >> better job of explaining? >> well, explaining, but also inspiring. >> so he is almost suggesting that the narrative really is the problem. of a >> yeah. this is a little bit of a humble brag. a little bit of a i was so busy doing my job, i didn't talk about it. is so the question though, is whether the policies or the pack packaging. and for a lot of critics, this w sounds like you know we heard e k you. we knew what we were doing, and we didn't like what you were doing.e and the president talks about stories.st but nothing tells a story like success. and so -- but you know, in his defense, and there will be plenty of obama supporters that will say yes, he has done all th the great things but how do they get through? they so the real question is how much can a president communicate. ca in campaigns you talk but it's k but i in a very different way than youay you talk in office. and the question is whether a president can actually do that much as a communicator. co he has a great megaphone, but it can only take him so far. at the end of the day, it may bee that presidents have to do what they are going to do and o recognize they will take a hit, and you can't tell a good story effectively. >> when you look at it both not candidates get a little criticism for maybe not you communicating as well.eeza ric it is being said that condoleezza rice is on the short list as a running mate for mitt romney. we asked her about that recently on thi on this very program, and she clear had a pretty clear response. we want to play that.ing you're >> you are not saying you would turn him down if he calls, are you? >> i'm saying there is no way that i will do this because it's really not me. i know my strengths, and governor romney needs to find someone who wants to run with him. people there are many people who will do it very, very well. and i'll support the ticket. >> that's a no or that's a it's not going to happen?ng >> that's a it's not going to happen. and no. >> so any chance -- she was a pretty clear there. but is there a chance that she could in fact change her mind? it' >> well it's almost a requirement of being a possible person is to say no. so she's done that part. of you have to say no. i think we don't know what the we inside of the romney process is.ing to but talking to people in the campaign, she definitely is hat they'r somebody that they are looking at. at. she would be very dynamic in a number of ways. but the downsides for her, mitt had romney hasn't really had to talk about the bush years very much.een able he has been able to detach this himself from that particularly the foreign policy side.de. if she were on the ticket he would have to talk about eight about years of iraq afghanistan, was it a mistake, would you have was it gone in knowing what you know t now. there are a lot of issues there. and as many talents as she has, she hasn't had to deal with the pol domestic scene. she has always been able to say i deal with the adult stuff, the exploding things. but this would be daily cut and ut a thrust, talking about bain and all these things that are now part of the campaign.nd all t she wouldn't necessarily be able to fill that vice presidential role. >> she said policies aren't really her thing. >> yeah. >> but we will see. you never know, right? >> that's right. >> as always thank you. kn >> nice to have you today. of thanks. you can see more of charlie's interview with the obamas on "cbs sunday morning" ther this weekend. there is outrage and sadness ove this morning over charges that off top officials at penn state reports of child sex sexual abuse by jerry sandusky. >> lawyers and relatives of those officials, including longtime football coach joe paterno, are disputing the conclusions from the university's official investigation. armen keteyian reports that the lead investigators has no doubts, though. of the >> the full force of the report by former fbi director louis freeh is still being did i guestgested, but one thing is clear. occur joe paterno's legacy is tarnished.ead fallout from the freeh report seemed to spread to every crack pe and corner of a shell-shocked rd penn state community. from the board of trustees -- ain >> our hearts remain heavy, and we are deeply ashamed. >> reporter: to the school's new president. all across this once happy valley and beyond. back >> it's really sad, bad for the university. terrible for the paterno family. paterno >> reporter: the report, eight months in the making totalling ore th more than 430 interviews proved as comprehensive as it was condemning. laying out in detail what freeh nd called the callus and shocking by disregard for victims by the most powerful leaders at penn state university. some 14 years of serial sexual ov abuse by jerry sandusky covered up by paterno, former president graham spanier, athletic director tim curley, and senior vice president gary schultz. >> what's significant and gnifican shocking is that the four of is that t them, the most powerful people in penn state university, made a decision to conceal this information.rmation. >> reporter: as evidence, freeh produced a rash of revealing t two emails between curley, spanier, assis and schultz written about two weeks after mike mcqueary said ess he had witnessed sandusky sexual assault a young boy in a football facility shower in 2001. february 2001. in one in one curley writes he is uncomfortable moving forward p with the plan to alert child welfare authorities about the incident a day after speaking with paterno. that same night spanier responds in another email he writing in part, the approach you outline is humane and a reasonable way to proceed.ents wer >> no sentiments were ever expressed to sandusky's victims. >> reporter: last night in an pelley interview with scott pelley jay paterno defended his father. >> joe paterno did not commit not any crim nat act. he did not cover up any criminal act. >> but freeh, a former fbi acu director, made clear that the penn state four were acutely a aware of sandusky's interest in young boys as far back as 1998 d and never took action, driven by a sad, simple truth. >> there's lots of consequences publici that go with pad publicity and the brand of penn state, including the university including the reputation of fund coaches, including the ability to do fundraising. it's got huge implications. >> in reacting to the freeh r, report attorneys for spanier, curle schultz, and curly made essentially the same argue it's not a full record of the facts omplet and there was no effort to conceal. made 120 meanwhile, freeh made 120 recommendations to penn state toendations ensure what he called a more open and compliant culture. and wow. >> wow is right. >> yeah. >> ground shifting is what you said earlier. >> it is.. >> thank you armen. >> you bet.t was it was six months ago today that t that the cruise ship costa he concordia ran aground on an aly. island off the coast of italy. >> and the 32 people who died will be remembered today during a memorial mass. on >> reporter: six months on and the vast hulk of the costa concordia is still lying on its side just offshore. it's the peak of holiday season now and so for vacationers it's attr kind of a sinister attraction. but for the family members of g her the victims who are coming here emoria today, it's a memorial to their loved ones. concordia the 13th of january, the captain of the costa concordia crashed then his ship into the rocks and failed more than an hour to give the order to more than 4,000 ion int passengers and crew to abandon and ship. wha the investigation into exactly what went on and what went wrong and that night is still underway and so is the salvaged operation. but today is a day to remember. r there will be a mass for 32 of the people that lost their lives. two of the bodies have still not been found. elizabeth palmer cbs news. jpmorgan chase says the loss from a trading mistake earlier this year has grown now from $2 billion to $5.8 billion. ceo jamie dimon told stockholders this morning this has shaken our company to the core. time now for a look at some ti of the morning's headlines. il the washington times says that the mayor is facing tough questions over monly illegally call spent on his campaign. gray says his lawyer told him the not to comment. w the "wall street journal" is reporting that syria's overnmen government is moving part of its chemical weapons arsenal. u.s. officials say that they are worried. it's unclear if they being moved to protect them or if they if t intend to use them against opposition forces. the omaha world herald says rs drought stricken farmers will . get some help. more than 1,000 counties across sp the nation have been declared national disaster areas. low >> "the washington post" reports a disturbing story this morning. a d.c. police officer allegedly threatened to shoot first lady sources michelle obama. sources say the white house motorcycle escort was overheard wednesday making that alleged making threat, and then used his phone to show a picture of the gun he said he wuld use. this national weather report sponsored by sleep inn. dream better here. dozens of people who know george zimmerman tell the fbi he is not a racist. while the lead police investigator says zimmerman followed trayvon martin because of what he was wearing. we'll look at the new evidence from prosecutors and get reaction from martin's family. and starting tomorrow one of america's most iconic bridges will be gripped by gridlock. >> you've got like four lanes of trucks going down into two in one sharp go. that's not -- mathematically it doesn't work. >> we'll find out what's clogging up the george washington bridge and why the same kind of trouble could soon hit drivers all over america on "cbs this morning." >> this portion of "cbs this morning" sponsored by mercedes-benz. experience truly great engineering today at your authorized dealer. ♪ ♪ this is our pool. ♪ ♪ our fireworks. ♪ ♪ and our slip and slide. you have your idea of summer fun and we have ours. now during the summer event get an exceptionally engineered mercedes-benz for an exceptional price. but hurry, this offer ends july 31st. [ alarm buzzes ] [ female announcer ] wake up time but not for your eyes. they're still so tired looking. with olay challenge that with regenerist anti-aging eye roller. its hydrating formula with caffeine conditioning complex, perks up the look of eyes. it works in the blink of an eye. [ virginia ] i do have a healthy diet but there are foods that i had no idea had so much acid in them. my dentist said that the acid in fruit, or fruit juice or fruit teas softens the enamel so that then it can potentially erode. once that enamel is gone it's gone. my dentist recommended that i use pronamel to help harden that enamel so that it's not brushed away. pronamel protects your teeth from the effects of acid erosion. i don't have to cut out the things that i love in my diet. i can have the best of both worlds with pronamel. [ female announcer ] great taste is always in style with lean cuisine steam bags. get our crispiest carrots and our snappiest peas all freshly steamed in just minutes. steam bags from lean